** "K+S is likely worth more when owned by PCS than
stand-alone," he writes in a note. As PCS is a much larger
company ($27B market cap), they can better absorb several risks
that cause K+S to trade at a discount to its long-run fair
value."
($1 = 0.8930 euros)
(RM://harro.tenwolde.thomsonreuters.com@reuters.net)